Case studies

"It's hard to quantify, right now. But at a guess, I'd say it's probably more than 50% faster, at times. It's literally that quick. We've found to be an essential practical tool. We're very satisfied."

Walsall Council

Access all 1 documents on Advance corporation tax

GET ACCESS NOW

GLOSSARY

Advance corporation tax definition

Published by a LexisNexis Tax expert

What does Advance corporation tax mean?

An advance payment of corporation tax made by a company between 1973 and 1999 when it made dividend payments (or any other qualifying distributions) to its shareholders.

The ACT paid was imputed (in and after 1993, it was only partly imputed) to the shareholder and satisfied the shareholder's liability to pay the basic rate of income tax on the distributions. ACT paid by a company was set off against the company's liability to corporation tax. ACT was abolished with effect from 6 April 1999. A system of "shadow ACT" came into effect on the same date to give a measure of relief for any surplus ACT which had built up by that date and which had not been relieved.

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Tax issues on share buybacks for corporate lawyers

Tax issues on share buybacks for corporate lawyers A limited company may buy back its own shares, if certain conditions set out in the Companies Act 2006 (CA 2006) are met. This is known as a share buyback or a purchase of own shares. In addition to the provisions of the CA 2006, there are other rules and guidelines that are relevant to a listed company or an AIM company. The restrictions in the CA 2006 relating to share buybacks do not apply to unlimited companies. For further information on this type of company, see Practice Note: Unlimited companies. For an introduction to share buybacks, see Practice Note: How to carry out a share buyback. For a consideration of the law applicable to a share buyback and information on why a company might wish to carry out one, see Practice Note: Share buybacks—the legal framework. Off-market or on-market? Two types of share buyback are possible: • an off-market purchase of shares, or • a market (or...

Discover our 1 Practice Notes on Advance corporation tax